The Japanese Yen (JPY) adds to its strong intraday gains against its American counterpart and drags the USD/JPY pair to a four-week low, around the 148.00 mark during the early European session on Thursday. A rise in Tokyo CPI, along with hawkish remarks by Bank of Japan (BoJ) officials, lifted bets that the central bank will exit the negative interest rates regime as soon as this month. This, along with a generally weaker tone around the equity markets, provides a goodish lift to the safe-haven JPY and drags the currency pair lower for the third successive day.
The US Dollar (USD), on the other hand, languishes near its lowest level since early February amid mixed signals about the Federal Reserve's (Fed) rate-cut path and does little to lend any support to the USD/JPY pair. This, in turn, suggests that the path of least resistance for the currency pair is to the downside and supports prospects for a further near-term depreciating move. Traders now look to Fed Chair Powell's second day of testimony, which, along with the US Weekly Initial Jobless Claims and Trade Balance data, might drive the USD ahead of the NFP report on Friday.
The US Dollar (USD), on the other hand, languishes near its lowest level since early February amid mixed signals about the Federal Reserve's (Fed) rate-cut path and does little to lend any support to the USD/JPY pair. This, in turn, suggests that the path of least resistance for the currency pair is to the downside and supports prospects for a further near-term depreciating move. Traders now look to Fed Chair Powell's second day of testimony, which, along with the US Weekly Initial Jobless Claims and Trade Balance data, might drive the USD ahead of the NFP report on Friday.
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